The Paradox

Bitcoin was established on the basis of freedom from government regulation and to enhance privacy. KYC violates your privacy and is a contradiction to the stated intent of Bitcoin. Now, the entire cryptocurrency industry has become a creepy invasion of privacy and a cesspool of scams. I’ve had horrible experiences with certain exchanges; stealing my cryptocurrency and then concealing their actions, harassment, and a multitude of other unethical actions. 

What is KYC?

KYC stands for “Knowing your customer.” There is a thick line between invading your customer’s privacy and knowing the basics about your customer.

KYC is Not a Law

Many people don’t realize this but you can go to the Bitcoin.org website along with a handful of other platforms and purchase Bitcoin without enduring the dehumanizing task of providing KYC tasks. Forcing you to take facial recognition photos, present drivers license, social security number, address, and especially the ridiculous webcam snapshots to utilize their service is dehumanizing and by all means more intrusive than what the banks require.. I personally don’t believe Bitcoin is to blame for the invasion of privacy and scandalous nature of what cryptocurrency has become today. After my experiences and observations, many coins seem to be nothing more than ponzi schemes with the intent to defraud investors, while others have a valid purpose. Why do we need so many coins? 

Be Cautious When Signing Up For Cryptocurrency Exchanges - They Aren’t Necessary

Corporations with ill intent took advantage of the cryptocurrency market and decided to use it as an opportunity to exploit people and invade their privacy through founding exchanges. 

And then to put people through dehumanizing privacy invasion requirements to so much as purchase the coins when it isn’t even the law to require the personal information they request. Company policy is not law. Cryptocurrency is backed by nothing of value. This is concerning. Asking for your social security number is unnecessary and requiring it is illegal. But, you do have choices and it’s a matter of how you go about buying and keeping your cryptocurrency. You aren’t even required to have a social security number. The social security number was never intended to be used for identification and it was and still is an option.

I love the idea of Bitcoin and certain privacy-based cryptocurrency; I just wish it was backed by valuable metal or something of substance.  After all, we’ve been using debt notes (dollars) for over 200 years which have no true value. The big bankers run the show and we’re in debt to them indefinitely unless enough people join together and demand change. The power structure and invasion of privacy we are seeing today is partially our own fault. People are complacent and until things get very uncomfortable, I doubt anything will be done.